Packaging

Safetek International Subsidiary Newave Packaging Opens Distribution in New York

Tuesday 16. November 2010 - FIRST CONTAINER PURCHASE ORDER OF EWRAP CUTTER BOXES

Safetek International, Inc. (Pink Sheets: SFIN) an incubator of and investor in green technology and Eco-Friendly start-up companies, announced today that its subsidiary Newave Packaging Inc. (www.newavepackaging.com) has opened a second distribution facility in New York, to handle the expected high volume demand for its rolls of ewrap(TM) food film.
Newave Packaging received a significant Purchase Order from a Distributor in New York, for a variety of sizes of the environmentally friendly non-PVC cutter boxes containing the ewrap(TM) food film. The Distributor supplies a wide range of stores in the New York Metropolitan area, and will be inviting Restaurants, Deli’s and Bodega’s to among the first to receive and convert to Newave Packaging’s environmentally friendly stretch, cling and breathable ewrap(TM) food film.
An agreement is also being prepared for the Distributor to be granted distribution rights for the New York Metropolitan area. Subject to agreement, the Distributor estimates to order a minimum quantity of six (6) x 40 foot container loads of ewrap(TM) food film cutter boxes over the next 12 months. The estimated value on an annualized basis of this Distributor’s commitment would earn revenues for Newave Packaging of approximately $600,000 to $700,000.
Commenting on this order Dr. Fredrik Verkroost, President of Newave Packaging Inc. said “this commitment shows that the conversion from PVC to non-PVC products for food packaging is accelerating. Our plans are to gain further commitments from selected regional distributors under an annual distribution agreement, initially along the Eastern States and Eastern Canada.”
Shmuel Shneibalg, President of Safetek International, added “we are now starting to offer a regular supply of food film to the retail market, and are adding additional resources to expand the supply products.”